2024-02-16 03:17:10
Photo Daewoong Pharmaceutical
[인포스탁데일리=김연수 기자]
Daewoong Pharmaceutical announced on the 16th that Fexuclu, a treatment for gastroesophageal reflux disease, has entered the market or is regarding to enter the market in 24 countries, including Korea, just one year and six months following its launch.
As of February, Pexuclu was launched in two countries: Korea and the Philippines. Three Central and South American countries, Mexico, Ecuador, and Chile, have received product approval and are in the midst of preparations for local launch this year, and product approval has been applied to 13 countries, including China and Saudi Arabia. Including the six countries that have signed export contracts, including India and the United Arab Emirates, there are a total of 24 countries.
The global anti-ulcer drug market size is approximately 21 trillion won. The market size of the 24 countries that have introduced or are pursuing the introduction of Pexuclu is KRW 8.4 trillion, accounting for approximately 40% of the global market. If expansion into 24 countries is completed as planned, Daewoong Pharmaceutical’s Pexuclu will become a global new drug created by a Korean pharmaceutical company in name and reality.
The industry predicts that Daewoong Pharmaceutical will be able to easily achieve “applying for product approval in 30 countries in 2025 and entering 100 countries in 2027,” which Daewoong Pharmaceutical announced when launching Fexuclu. Daewoong Pharmaceutical expects Pexuclu to drive the ‘1 product, 1 trillion’ sales strategy that it is applying to its self-developed new drugs.
A Daewoong Pharmaceutical official said, “There have been cases where domestically produced new drugs have concluded multi-country contracts through global deals, but they have not actually been approved, so it is difficult to evaluate them as blockbuster products.” He added, “Pexuclu has thoroughly studied past cases. “From the beginning of development, we established a simultaneous development strategy at home and abroad, and thoroughly verified countries where actual development and release can take place,” he explained Pexuclu’s global expansion strategy.
He continued, “As a result, it entered 24 global countries within 1 year and 6 months of its launch in Korea, and 18 of them applied for product approval, making it the best domestically produced new drug in terms of speed of global advancement.”
Pexuclu was launched in Korea in 2022 and the Philippines in 2023, and obtained product approval in three countries: Ecuador, Chile, and Mexico. Including China, which ranks first in the global anti-ulcer drug market, 13 countries, including Morocco, Malaysia, Singapore, Costa Rica, and Panama, are currently awaiting approval following applying for product approval. Including the countries that have already launched it or are in the process of obtaining or applying for product approval, there are a total of 18 countries.
In addition, Daewoong Pharmaceutical took its first step into the Indian market, which has the world’s largest population, through an export contract with India’s No. 1 pharmaceutical company, Sun Pharma, in December last year. As a result, a total of six countries have signed export contracts, including the United Arab Emirates, Bahrain, Kuwait, Oman, and Qatar.
Daewoong Pharmaceutical is accelerating its efforts to target the global market with the goal of ‘applying for product approval in 30 countries by 25 years and entering 100 countries by 27 years.’ This year, we plan to increase product approval applications to 25 countries and expand product approval acquisition to more than 6 countries.
Park Seong-soo, Vice President of Daewoong Pharmaceutical, said, “2023 was a year in which Fexuclu achieved visible results globally, including rapid sales growth in Korea and new entry into India, the world’s fourth largest anti-ulcer drug market.
He said, “We will continue to speed up the approval process for Fexuclu in each country, including the launch in Mexico in 2024, and achieve our goal of entering 100 countries by 2027.” He added, “We will grow Fexuclu into a global blockbuster in the gastroesophageal reflux disease treatment market. “We will accelerate our efforts to realize the ‘1 product, 1 trillion’ vision,” he said.
Reporter Kim Yeon-soo [email protected]
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